Your Guide To Buy Property In Singapore As A Foreigner
Since the 1970’s the government has been implementing new policies which have limited the opportunities for foreigners to buy property in Singapore. Having a limited supply of land the government is very serious about its utmost usage. These steps have allowed the local residents to buy land in the country more prudently and only economically profitable foreigners can buy land in Singapore.
In fact, you are defined as a foreigner in Singapore if you are not a local citizen or a company originate in Singapore or not a society/limited partnership of Singapore.
Type of property
You must be clear about the type of property you would be investing your money in. It can be a residential or a non-residential property. In case, you are going for a property which is termed as non- restrict residential. Then you can buy it like any other Singaporean without having troubles from the government. Such property includes commercial shop houses, condominium flats for executives and condominium units, hotel etc.
In case, the property you seek to buy is term as a restricted residential property. Then you must go through a long list of government formalities to gain such land. Such properties include terrace houses, places of worship, detached houses, abandoned residential lands etc.
Getting government approval
Foreigners are usually not allowed to buy any restricted residential land in Singapore. Yet the government has allowed approval in two possibilities. For those who are permanent residents and those who provide adequate financial or economic contribution to the country. There are specific procedures to become a permanent resident and for those who seek hope in the second option should have a good academic background, professional or technical abilities, investment history in Singapore or should have a career scope in this country.
You can also go for fast racks approve which is give less than 48 hours by the Land Dealing Unit of Singapore.
Steps of purchasing a property
You should fill in the Option to Purchase form. It requires a cash payment of up to 5% to the seller for booking the destination for you for the next two weeks. You must enter the Agreement of Sale and Purchase with the seller. You should set deadlines of paying all the fees involved in the transaction and must make a deposit to finalize the agreement. In case, you are taking a loan for such transaction, there is a limitation on loan amount.
It is advised to take an AIP or Approval-in-Principle from your bank. Before going into a deal as many sellers will not accept your Option to Purchase without this document. After the completion of all the formalities the property becomes your legal asset. If you can get the work done you might find yourself as an apt and lucky candidate for buying property in Singapore.
Singapore can be the best option to try new businesses or start a new life from scratch. The relaxed rules and regulations of this country will impress once you start living here. All the best for your deal!
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